USD/CAD Recovery?

The USD/CAD is trading higher in the last few days to the large part due to technicals and oversold levels. The pair reached as low as 1.2920 breaking the short-term downward channel and the long-term upward channel.

Currently, price is trading at 1.31, which is a success for bulls as they managed to bring price back into the short-term channel where it can find the support it needs in order to push higher the next time it gets there.

For now, support remains at the level of 1.30, while resistance is the level of 1.3110.

Chart: USD/CAD H4